San Bernardino, Calif., Airport Authority

Thursday, July 29, 2004 San Bernardino, Calif., airport authority approved for $2.6 million loan The San Bernardino (CA) County Sun

LOMA LINDA, Calif. — The Inland Valley Development Agency board, meeting here Wednesday, unanimously approved a $2.6 million loan to the San Bernardino International Airport Authority. The loan will allow the SBIAA to partially repay loans made by several area cities and San Bernardino County. Under the agreement, the 10-year loan will be made on Sept. 1 at an interest rate of 2 percent.

An additional $2.6 million loan should be approved in the next 10 months, said Don Rogers, the agency’s interim executive director.

“This was money that was loaned by member agencies to the airport during the first six years when the IVDA didn’t have the funds available to help sustain operations,” Rogers said.

The loan also will have an annual payment that includes a minimum principal payment of $50,000 for the first five years, $100,000 annually in years 6 through 9, and a balloon payment of $1.9 million in year 10.